Don’t Ignore Change

It is a good idea for any business to have a clear mission. Far from the standard, boilerplate mission statements that say a lot without really saying anything at all, a good mission is one that clearly explains why you do what you do, and what impact you hope to have on the lives of your consumers and other stakeholders.

But that mission must not prevent you from adapting to change. Especially in today’s world, where change comes faster than ever before.

The popular term for such adaptation by a company today is pivot. Successful companies looking to continue to succeed amidst rapid technological, demographic, and political change must learn to effectively pivot between strategies.

What happens when a new technology renders your product obsolete, like Fuji or Blockbuster? What happens when new competitors enter your market and steal your customers, like Apple with music or PayPal with digital payments?

The companies that respond best to change are the ones that see it coming and develop a plan. They spend money on research and development so that they know about changing technology before their competitors. They spend money on market research so that they know about changing consumer preferences before their competitors. They encourage critical thinking, and healthy challenges to the status quo, so that leaders cannot bury their head in the sand and ignore what’s coming.

Success today never guarantees success tomorrow. Invest in the future and be ready to pivot.